Financial pitfalls faced by women post-divorce

Whatever issues are part of your divorce, money is going to be a big one. It is important to understand the financial implications of decisions regarding your divorce.

2013-03-13

March 13, 2013 (Press-News.org) Financial pitfalls faced by women post-divorce

Article provided by The Law Office of Thomas V. Sassone, P.C.
Visit us at http://www.tvslawpc.com

Statistically, women have the harder time financially after a divorce than men. A study conducted by the National Marriage Project at Rutgers University has found that on average, a man will see an approximate 10 percent increase in his standard of living post-divorce, but a woman will experience a 27 percent decrease. Experts attribute the disparity to the possibility that many women are not involved with finances during the marriage and therefore have a more difficult time managing money independently.

Preparing financially for divorce

During a divorce many financial decisions are made and many of these decisions have an effect on the rest of your life, including:
-Are you going to receive or pay spousal support (or alimony)?

-Are you going to keep the house?

-How are the retirement accounts going to be divided?

Whatever issues are part of your divorce, money is going to be a big one. It is important to understand the financial implications of financial decisions, so that you protect yourself and your family now and into the future. Some tips to remember, include:
-Your financial situation is going to change. This goes for both spouses. Your incomes once supported one family comfortably, now your incomes are going to have to support two families. To survive financially after divorce, it is important to accept your new economic reality: you may have to spend less money.

-Create a budget and stick to it. Monthly budgets are extremely important both during a divorce and afterwards. Creating and maintaining a reasonable monthly budget will allow you to keep up with your financial obligations and hopefully allow you to save for the future.

-Develop a long-term financial plan. Take charge of your budget and your finances and figure out a long-term financial plan. You can do this by yourself or use a financial planner.

Contact an experienced family law attorney

Divorce is extremely stressful both emotionally and financially. That is why having an experienced divorce advocate on your side to guide you through the process is so important. Many people just want the divorce to be over and don't think about the repercussions of their decisions. An experienced divorce attorney will help you manage your emotions and make the decisions that will protect you and your family. Don't hesitate to learn more about the divorce process and your rights. Contact a divorce attorney in your area today.

ELSE PRESS RELEASES FROM THIS DATE:

Iowa Legislature mulls tougher distracted driver law

2013-03-13

Iowa Legislature mulls tougher distracted driver law Article provided by Shanks Law Firm Visit us at http://www.shankslaw.net The dangers that distracted drivers pose to other motorists on our nation's roadways has received a lot of attention in the press lately, and for good reason. After all, common sense tells us that taking our eyes off the road is a dangerous behavior that dramatically increases the risk of a car accident. Unfortunately, Iowa drivers are not immune to such behavior. As a result, the Iowa legislature has proposed toughening its laws against ...

2013 tax changes may spell confusion for small business owners

2013-03-13

2013 tax changes may spell confusion for small business owners Article provided by The Gartzman Law Firm, P.C. Visit us at http://www.gartzmantaxlaw.com After a no small amount of last-minute scrambling to avert the so-called fiscal cliff, Congress recently passed a number of changes to the federal tax code. Some of these changes, both good and bad, could have a significant impact on small business owners. While the potential for increased tax liability under the new plan is a major concern for many small business owners, some say the real challenge will be keeping ...

Tax payment plan vs. tax settlement: What's the difference?

2013-03-13

Tax payment plan vs. tax settlement: What's the difference? Article provided by The Gartzman Law Firm, P.C. Visit us at http://www.gartzmantaxlaw.com Many serious tax problems stem from a simple and relatively common situation: being unable to pay the amount due to the IRS. What many people who find themselves in this situation do not realize, however, is that being unable to afford a tax payment is not necessarily what lands a person in hot water with the IRS. Instead, it is how these individuals choose to deal with the situation -- or not deal with it -- that ...

Personal bankruptcy options: liquidation vs. reorganization

2013-03-13

Personal bankruptcy options: liquidation vs. reorganization Article provided by Purrazzella & Purrazzella, P.A. Visit us at http://www.purrlaw.com When financial difficulties turn from bad to worse and people fear they may never be able to catch up on their overdue bills, many turn to bankruptcy as a way to make a fresh financial start. While most people have heard of bankruptcy, many are unaware of how the process works and how it can benefit people who are struggling with unmanageable debt. What is bankruptcy? Bankruptcy is a legal procedure that helps ...

New technologies lead to new dangers on our nation's highways

2013-03-13

New technologies lead to new dangers on our nation's highways Article provided by Noel M. Ferris Visit us at http://www.noelmferris.net Over the past decade, cell phones have become an essential tool for people in nearly every walk of life. While these devices definitely have their benefits, they are also responsible for the emergence of a significant threat on our nation's highways: distracted driving. According to the National Highway Traffic Safety Administration, 3,092 people were killed and an additional 419,000 people were injured in motor vehicle accidents ...

Rhode Island divorce: basic family law considerations

2013-03-13

Rhode Island divorce: basic family law considerations Article provided by Law Office of Hoopis & Hoopis Visit us at http://www.hoopisandhoopis.com When a couple plans to divorce in Rhode Island, the parties must address several legal topics that go beyond the relationship, itself. For example, litigants must assess property division, child custody and visitation, child support and other similar issues if they are applicable to the end of the marriage. Jurisdiction The first step in the process concerns jurisdiction. In Rhode Island, divorce proceedings ...

Guilty until proven innocent?

2013-03-13

Guilty until proven innocent? Article provided by Kenneth L. Baritz & Associates, P.C. Visit us at http://www.baritzlaw.com In the 2002 movie Minority Report, Tom Cruise's character, police Chief John Anderton, leads Washington D.C.'s "Pre-crime" unit that uses a trio of gifted humans ("Pre-cogs") to see the future and prevent crime before it actually happens. The Pre-cogs are trusted so implicitly in the year 2054 A.D. that future criminals are punished for crimes they supposedly would have committed before being stopped by police. While ...

Young drivers more likely to use cellphones while behind the wheel

2013-03-13

Young drivers more likely to use cellphones while behind the wheel Article provided by Goicoechea Law Offices Visit us at http://www.lawnorthwest.com/ To the parents of teenage children, the results from a national survey of drivers regarding cellphone use while on the road should come as no surprise. According to the research conducted by the National Highway Traffic Safety Administration, more young drivers are involved in motor vehicle accidents while distracted behind the wheel. In addition, a large proportion of younger drivers answer phone calls while they ...

Adequate savings the key to financial wellness

2013-03-13

Adequate savings the key to financial wellness Article provided by Ferguson Scarbrough Hayes Hawkins & DeMay, PA Visit us at http://www.fspa.net No one ever plans to go into bankruptcy. To the contrary, a significant number of bankruptcies can be traced back to unexpected life events, like a job loss, divorce or illness. When these crises hit, the combination of interrupted income and added expenses can be financially devastating. When events like these happen, having a robust emergency savings account can mean the difference between weathering the storm ...

After foreclosure, "zombie titles" may haunt homeowners for years

2013-03-13

After foreclosure, "zombie titles" may haunt homeowners for years Article provided by Caldwell & Kearns, P.C. Visit us at http://www.caldwellkearns.com Six years after the collapse of the U.S. real estate market, thousands of homeowners across the country are discovering that they are still on the hook for houses they thought had been foreclosed upon years ago. According to a recent Reuters report, these so-called "zombie titles" are wreaking havoc on the lives of homeowners nationwide, resulting in garnished wages, lawsuits and even threats ...